Top 20 economies still struggling to create jobs

The world's 20 most prosperous economies have 93 million unemployed.
Written by Tyler Falk, Contributor

New numbers from the International Labor Organization and the Organization for Economic Cooperation and Development show a troubling jobs trend: the world's most prosperous countries are still having a hard time creating jobs.

It's been six years since the financial crisis started and still one-third of the 93 million unemployed people in the top 20 economies have been looking for work for more than a year. Here's a look at the long-term unemployment trends for all the G20 countries:

It's not a pretty picture. While Brazil, Russia, and Germany have reduced long-term unemployment since the end of 2007, well over half of the G20 countries have seen long-term unemployment levels get worse or stay the same.

It's no surprise then that The International Monetary Fund recently reduced its outlook for the global economy in 2013 and 2014. "[W]e cannot expect significant improvement in the employment situation unless countries undertake more ambitious policies to address the jobs deficit”, said ILO Director General Guy Ryder, in a statement.

Among those policies the ILO and OECD are pushing G20 counties to adopt are investment in infrastructure, expanding minimum wage coverage, and enhancing skills development programs.

In a joint statement by the ILO and OECD, the groups also called on the G20 to give youth unemployment their "full attention," as half of the countries had a youth unemployment rate above 16 percent in the first quarter of 2013.

Read more: Full report

Photo: Flickr/slightly everything

This post was originally published on Smartplanet.com

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